Jaswant Rai withdraws case against Mumias

The main entrance to the collapsed Mumias Sugar Company. [File, Standard]

He also alleged that the transactions could be fictitious and that there was a possibility that they never took place in actual books of accounts of the bank.

On June 23, the DCI got orders allowing them to investigate the said accounts, from January 2, 2019, to date.

VCB's chief executive Yogesh Pattni moved to the Commercial Court arguing the DCI was conducting a sham probe since the accounts, they listed to be of interest in the probe, do not belong to Vartox.

Pattni said in his affidavit that he had appeared before DCI investigators on June 21 for questioning but they did not give any evidence to back up their claims.

"The application did not provide any specific details on how the applicants were alleged to have defrauded Mumias," said Pattni.

"The allegation that there was a fraudulent assignment of Mumias debt from Proparco to the 2nd applicant (VCB) is an absurdity."

Vartox's appointed signatory Amal Kokkandathil Joseph in his affidavit filed at the same court confirmed the same.

"From the contents of the application and the order, the bank account numbers cited by the DCI do not belong to the 1st applicant (Vartox Resources Inc)," he said.